The Taxman Blog

Oct 29, 2019
Year-End Tax Planning

The end of 2019 is almost here, and we at Taxman & Associates want to make sure that we are helping you minimize what you owe in 2020. With the amount of changes to US tax laws since 2018, how are you lowering your tax liability? Merrill Edge created a good starter list of ways to benefit you, the taxpayer, including maxing out your contributions to your retirement plan and funding an education plan, among others.

Vinay Navani, CPA at Wilkin Guttenplan, recommends talking your tax advisor to see what these changes to tax rates and deductions mean for you. If you would like us to go over your finances for 2019 and give you recommendations on how you can benefit before the end of the year, contact us now to schedule a meeting (over the phone or in person). We can help you make smart, personalized financial moves in order to help reduce your tax bill in the coming year.

Oct 21, 2019
How Will the 2020 Audit Plan Affect You?

 

The 2018 tax season is over, and we’ve made it out alive! It’s now time to look forward to the 2019 season and we are gearing up for some possible changes to the US tax code. Treasury Inspector General for Tax Administration (TIGTA) has just released their 2020 Annual Audit Plan and we at Taxman & Associates have read about a few topics in this report that could affect our clients. According to the article, Auditing The IRS: What Is Coming In 2020, on Forbes.com, these are the items that we should be keeping an eye on:

  • Early Distributions
  • Schedule C Audit Selection
  • Withholding Compliance of Partnerships With Foreign Partners
  • Virtual Currency Exchange Audits
  • High-Income/High-Wealth Nonfiler Strategy
  • Earned Income Tax Credit Examination Strategy
  • Tracking the Costs of the Private Debt Collection Program
  • Treatment of Large Refunds Under Internal Revenue Code Section 6405 Threshold
  • Accuracy of Taxpayer Entries on Tax Return Lines Labeled As “Other”

Read up on this article for more information on how the upcoming 2019 tax season could affect you. And as always, we at Taxman are here to answer any questions you may have!

 

 

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